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HomeMy WebLinkAboutDeschutes County Extension and 4-H County Service District FY23 Issued Financials 1 Financial Statements For the Fiscal Year Ended June 30, 2023 Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Prepared by: Deschutes County Finance Department Robert Tintle, MPA - Chief Financial Officer Jana Cain, CPA - Controller -1- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Table of Contents June 30, 2023 INTRODUCTORY SECTION 3 Listing of Principal Officials FINANCIAL SECTION 4 Report of Independent Auditors 8 Management’s Discussion and Analysis Financial Statements 13 Statement of Net Position 14 Statement of Activities 15 Balance Sheet – Governmental Fund – General Fund 16 Reconciliation of Governmental Fund Balance Sheet for the General Fund to the Statement of Net Position 17 Statement of Revenues, Expenditures, and Changes in Fund Balance – General Fund 18 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of General Fund to the Statement of Activities 19 Notes to Financial Statements Required Supplementary Information 29 Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – General Fund Other Supplementary Information 31 Schedule of Property Tax Transactions AUDIT COMMENTS AND GOVERNMENT AUDITING STANDARDS SECTIONS Government Auditing Standards 32 Report of Independent Auditors on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Audit Comments 34 Audit Comments and Disclosures Required by State Regulations 35 Report of Independent Auditors Required by Oregon State Regulations -2- Listing of Principal Officials As of June 30, 2023 ELECTED OFFICIALS Board Of County Commissioners Name Position Term Expiration Anthony DeBone, Chair Position 1 January 4, 2027 Patti Adair, Vice Chair Position 3 January 4, 2027 Philip Chang Position 2 January 6, 2025 Other Elected Officers Name Office Term Expiration Scot Langton County Assessor January 4, 2027 Steve Dennison County Clerk January 4, 2027 Shane Nelson County Sheriff January 6, 2025 William Kuhn County Treasurer January 4, 2027 Steve Gunnels County District Attorney January 4, 2027 Charles Fadeley Justice of the Peace January 1, 2029 APPOINTED OFFICIALS Nick Lelack County Administrator David Doyle County Counsel Robert Tintle Chief Financial Officer David Givans County Internal Auditor Deschutes County Administrative Offices 1300 NW Wall Street, Suite 200 Bend, Oregon 97703 -3- Report of Independent Auditors Deschutes County Commissioners Deschutes County Extension and 4-H County Service District (A Component Unit of Deschutes County, Oregon) Bend, Oregon Report on the Audit of the Financial Statements Opinions We have audited the financial statements of the governmental activities and the major fund of the Deschutes County Extension and 4-H County Service District (the District), a component unit of Deschutes County, Oregon, as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and the major fund of the District, as of June 30, 2023, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards (Government Auditing Standards), issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Financial Reporting Entity As discussed in Note 1, the financial statements present only the District and do not purport to, and do not, present fairly the financial position of Deschutes County, Oregon as of June 30, 2023, or the changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinions are not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. -4- In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control—related matters that we identified during the audit. -5- Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and schedule of revenues, expenditures, and changes in fund balance – budget and actual – General Fund (budgetary comparison), as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the management’s discussion and analysis in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the management’s discussion and analysis because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The budgetary comparison information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The budgetary comparison information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the budgetary comparison information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District's basic financial statements. The schedule of property tax transactions, as listed in the table of contents, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of property tax transactions is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the financial statements. The other information comprises the introductory section but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form assurance thereon. -6- In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report November 30, 2023 on our consideration of the District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control over financial reporting and compliance. Other Reporting Required by Minimum Standards for Audits of Oregon Municipal Corporations In accordance with the Minimum Standards for Audits of Oregon Municipal Corporations, we have also issued our report dated November 30, 2023, on our consideration of the District’s compliance with certain provisions of laws, regulations, contracts, and grant agreements, including the provisions of Oregon Revised Statutes as specified in Oregon Administrative Rules 162-010-0000 through 162-010-0330 of the Minimum Standards for Audits of Oregon Municipal Corporations. The purpose of that report is to describe the scope of our testing of compliance and the results of that testing and not to provide an opinion on compliance. Amanda McCleary-Moore, Partner For Moss Adams LLP Eugene, Oregon November 30, 2023 -7- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Management’s Discussion and Analysis June 30, 2023 As management of Deschutes County Extension and 4-H County Service District (the District), a component unit of Deschutes County, Oregon, we offer readers of the District's financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2023. Financial Highlights  The assets of Deschutes County Extension and 4-H County Service District exceeded its liabilities as of June 30, 2023, by $1,461,488. Of this amount, $361,816 is unrestricted.  Total net position decreased by $28,398 from June 30, 2022 to June 30, 2023.  As of June 30, 2023, Deschutes County Extension and 4-H County Service District's governmental fund reported an ending fund balance of $360,718 or 54% of total general fund revenues for fiscal year 2023. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the District's basic financial statements. These basic financial statements comprise three components: 1) government-wide financial statements; 2) fund financial statements and 3) notes to financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of Deschutes County Extension and 4-H County Service District's finances in a manner similar to a private- sector business. The Statement of Net Position presents information on all of Deschutes County Extension and 4-H County Service District's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of Deschutes County Extension and 4-H County Service District is improving or deteriorating. The Statement of Activities presents information showing how Deschutes County Extension and 4-H County Service District's net position changed during the fiscal year ended June 30, 2023. Changes in net position are reported when the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items, for example, property taxes and accrued vacation that will result in cash flows in future fiscal periods. Each of these government-wide financial statements, Statement of Net Position and Statement of Activities, show the functions of the District that are supported primarily by taxes and inter-governmental revenues (governmental activities). The governmental activity of Deschutes County Extension and 4-H County Service District is providing agricultural education extension services to the residents of Deschutes County, Oregon. The government-wide financial statements can be found on pages 13-14 of this report. -8- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Management’s Discussion and Analysis June 30, 2023 Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local government entities, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The fund utilized by Deschutes County Extension and 4-H County Service District is classified as a governmental fund. Governmental funds are used to account for the same functions as governmental activities in the government- wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. A reconciliation from the Governmental Fund Balance Sheet for the General Fund to the Government-wide Statement of Net Position and a reconciliation from the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances for the General Fund to the Government-wide Statement of Activities have been included in this report. The District reported activity in one governmental fund during the fiscal year ended June 30, 2023. Information is presented in the Governmental Fund Balance Sheet for the General Fund and in the Governmental Fund Statement of Revenues, Expenditures and Changes in Fund Balance for the General Fund. The District adopts an annual budget for its fund. A budgetary comparison statement has been provided for this fund to demonstrate compliance with the annual budget. The General Fund Financial Statements can be found on pages 15-18 of this report. Notes to Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to financial statements can be found on pages 19-27 of this report. Government-wide Financial Analysis Net position, at a specific point in time, serves as a useful indicator of an entity's financial position. In the case of Deschutes County Extension and 4-H County Service District, assets exceed liabilities by $1,461,488 as of June 30, 2023. -9- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Management’s Discussion and Analysis June 30, 2023 Government-wide Financial Analysis (Continued) Approximately 75% of the District's net position represents its investment in capital assets (building and equipment). Deschutes County Extension and 4-H County Service District uses these capital assets to provide services to residents and this net position is not available for future spending. The remaining 25%, $361,816, of Deschutes County Extension and 4-H County Service District's net position may be used to meet the District's on-going obligations to residents and creditors. As of June 30, 2023, Deschutes County Extension and 4-H County Service District reports positive balances in net position (net investment in capital assets and unrestricted) for the government as a whole and for the governmental activities. Deschutes County Extension and 4-H County Service District's net position decreased by $28,398 during the year ended June 30, 2023. A comparison of the summarized government-wide statements to the prior year is as follows: June 30, 2023 June 30, 2022 Change ASSETS Current assets 477,720$ 399,287$ 78,433$ Capital assets 1,802,218 1,844,140 (41,922) Total assets 2,279,938 2,243,427 36,511 LIABILITIES Current liabilities 115,904 - 115,904 Long-term liabilities 702,546 753,541 (50,995) Total liabilities 818,450 753,541 64,909 NET POSITION Net investment in capital assets 1,099,672 1,090,600 9,072 Unrestricted 361,816 399,286 (37,470) Total net position 1,461,488$ 1,489,886$ (28,398)$ Statements of Net Position -10- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Management’s Discussion and Analysis June 30, 2023 Government-wide Financial Analysis (Continued) Governmental Activities Governmental activities decreased the District's net position by $28,398 during the fiscal year ended June 30, 2023. Financial Analysis of the District's Funds Deschutes County Extension and 4-H County Service District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds - The focus of the District's governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the District's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending as of the end of the fiscal year. As of June 30, 2023, $360,718 is the reported ending fund balance for the District's governmental fund, a decrease of $13,521 from June 30, 2022. As of June 30, 2023, the unassigned fund balance for the District's General Fund is $360,718, a decrease of $13,521. One measure of liquidity is the relationship of the unassigned fund balance to the fund's total revenues. The unassigned fund balance as of June 30, 2023, for the General Fund is 54% of fiscal year 2023 revenues. Year Ended Year Ended June 30, 2023 June 30, 2022 Change GENERAL REVENUES Property taxes 660,451$ 621,663$ 38,788$ Investment earnings (losses)5,825 (8,700) 14,525 Total revenues 666,276 612,963 53,313 EXPENSES General expenses 694,674 558,396 136,278 Total expenses 694,674 558,396 136,278 Change in net position (28,398) 54,567 (82,965) Net position - beginning of year 1,489,886 1,435,319 54,567 Net position - end of year 1,461,488$ 1,489,886$ (28,398)$ Statements of Activities -11- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Management’s Discussion and Analysis June 30, 2023 General Fund Budgetary Highlights Actual revenues exceeded budgeted revenues by $12,159. Property tax revenue increased by 5.7% from the prior fiscal year. Actual expenditures were less than budgeted by $46,904, representing a 24.4% increase over the prior year. Capital Assets The District's capital assets as of June 30, 2023, were $1,802,218, net of $366,270 of accumulated depreciation. Capital assets includes building and equipment. Additional information on Deschutes County Extension and 4-H County Service District's capital assets is included in Note 3. Amounts Owed to Primary Government During FY 2020, the District received a lump-sum payment from the primary government to reimburse its costs incurred from its capital infrastructure expansion. The terms provided for a 20 year repayment period, at 1.85%, for an amount not to exceed $1,000,000. The District received $900,000 of the proceeds in FY 2020 and is not anticipated to draw on the remaining balance. Repayment also began during FY 2020. See Note 4 in the Notes to Financial statements for additional information. Long-term Debt The District has no long-term debt; therefore, the District has not been separately rated by any of the bond rating agencies. Key Economic Factors and Budgets Information for the Future  The District’s Assessed Valuation of Taxable Property increased from FY 2022 to FY 2023 by 5.6% to approximately $30.5 billion.  Repayment of the Amounts Owed to Primary Government are currently set at $60,275, annually, through FY 2037. Requests for Information This financial report is designed to provide a general overview to those parties interested in Deschutes County Extension and 4-H County Service District's finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to Deschutes County Finance Department, 1300 NW Wall Street, Suite 200, Bend, Oregon, 97703. -12- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Statement of Net Position June 30, 2023 Primary Government - Governmental Activities ASSETS Cash and investments 467,066$ Property taxes receivable 10,654 Capital assets, net of accumulated depreciation 1,802,218 Total assets 2,279,938 LIABILITIES Accounts payable 107,287 Accrued interest payable 8,617 Amounts owed to primary government 702,546 Total liabilities 818,450 NET POSITION Net investment in capital assets 1,099,672 Unrestricted 361,816 Total net position 1,461,488$ The notes to the financial statements are an integral part of this statement. -13- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Statement of Activities For the Fiscal Year Ended June 30, 2023 Primary Government - Governmental Activities EXPENSES General services 694,674$ GENERAL REVENUES Property taxes 660,451 Investment earnings 5,825 Total general revenues 666,276 Change in net position (28,398) Net position - beginning of year 1,489,886 Net position - end of year 1,461,488$ The notes to the financial statements are an integral part of this statement. -14- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Balance Sheet – Governmental Fund - General Fund June 30, 2023 ASSETS Cash and investments 467,066$ Property taxes receivable 10,654 Total assets 477,720$ LIABILITIES Accounts payable 107,287$ Total liabilities 107,287 DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes 9,715 Total deferred inflows of resources 9,715 FUND BALANCES Unassigned 360,718 Total fund balances 360,718 Total liabilities, deferred inflows of resources and fund balances 477,720$ The notes to the financial statements are an integral part of this statement. -15- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Reconciliation of Governmental Fund Balance Sheet for the General Fund to the Statement of Net Position June 30, 2023 Fund balance for the governmental fund 360,718$ Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported on the balance sheet.1,802,218 Noncurrent liabilities applicable to the District's governmental activities are not due and payable in the current period and, accordingly, are not reported as fund liabilities. Accrued interest payable on amounts owed to the primary government (8,617) Amounts owed to the primary government (702,546) Some of the District's taxes will be collected after year-end, but are not currently available resources and, therefore, are deferred in the general fund.9,715 Net position of governmental activities 1,461,488$ The notes to the financial statements are an integral part of this statement. -16- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Statement of Revenues, Expenditures, and Changes in Fund Balances – General Fund For the Fiscal Year Ended June 30, 2023 REVENUES Property taxes 659,447$ Investment earnings 5,825 Total revenues 665,272 EXPENDITURES Current General services 618,518 Debt service Principal 46,419 Interest 13,856 Total expenditures 678,793 Net change in fund balances (13,521) Fund balance - beginning of year 374,239 Fund balance - end of year 360,718$ The notes to the financial statements are an integral part of this statement. -17- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of General Fund to the Statement of Activities For the Fiscal Year Ended June 30, 2023 Net change in fund balances - general fund (13,521)$ Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlay as expenditures. However, in the statement of activities, the cost of those assets are allocated over their estimated useful lives and reported as depreciation expense. Depreciation (41,922) Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. Unavailable revenue - services provided (16,336) Financial resources used that are not expenses in the statement of activities. Repayment of amounts owed to primary government 46,419 Expenses reported in the statement of activities that do not require the use of current financial resources, and are not reported as expenditures in the governmental funds. (Increase) decrease in accrued interest (4,042) Property tax revenue is recognized under the modified accrual basis of accounting only to the extent it has been collected within sixty days of year-end. On the accrual basis statement of activities, such revenue is recognized regardless of when collected. Increase (decrease) in unavailable property taxes 1,004 Change in net position of governmental activities (28,398)$ The notes to the financial statements are an integral part of this statement. -18- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Notes to Financial Statements June 30, 2023 Note 1 - Principal Business Activity and Significant Accounting Policies The District The Deschutes County Extension and 4-H County Service District (the District), a component unit of Deschutes County, Oregon, was established under ORS 451.410 to 451.600 on February 2, 1982, for the purpose of providing agricultural education extension services to the residents of Deschutes County (the County). The Deschutes County Board of Commissioners is the governing body of the District. Government-wide and Fund Financial Statements The government-wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all the activities of the government. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The District has no business- type activities or fiduciary funds. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or section. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. It is the District's policy to first apply restricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position is available. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within sixty days of the end of the current fiscal period. Revenues received after this period, are considered unavailable. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. -19- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Notes to Financial Statements June 30, 2023 Note 1 - Principal Business Activity and Significant Accounting Policies (Continued) Property taxes and intergovernmental revenue associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the District. The District reports the following governmental funds: General Fund - The General Fund is utilized to account for the transactions of the District. Property taxes are the principal source of revenue. Expenditures are for the operation and administration of the District. Budget Policy The District prepares a budget for all funds which meet the requirements of state law. The budget is prepared on the modified accrual basis of accounting, with exceptions. The resolution authorizing appropriations for each fund sets the level for which it is unlawful to over expend. Program, debt service, transfers out, and contingency are the levels of control established by resolution. The detailed budget document provides for specific detailed information for the above-mentioned categories. Unexpected additional resources may be added to the budget through the use of a supplemental budget and appropriations resolution. Original and supplemental budgets may be modified by the use of appropriation transfers between the levels of control. Appropriations lapse as of year-end. Reporting Entity The District's financial statements include the accounts of all District operations. The District is includable as a component unit in the financial statements of Deschutes County, Oregon since the District's governing board is comprised of the Deschutes County Commissioners; the District also has an eight-member advisory board that oversees operations. The District is included in the financial statements of the County as a special revenue fund, a blended component unit. Cash and Investments Cash and investments are comprised of funds held by the Deschutes County Treasurer, in the County's cash and investment pool. The District’s cash and investments participate in this pool rather than specific, identifiable securities. The District’s share of County pooled cash and investments can be drawn upon demand, and therefore, the entire amount on deposit with the County is considered cash and cash equivalents. Interest earned on pooled investments is allocated monthly based on the average daily balance of the District in relation to total investments in the pool. It is not practical to determine the investment risk, collateral, or insurance coverage for the District’s share of these pooled investments. This pool generally includes demand deposits, investments in the Oregon State Treasurer's Local Government Investment Pool (LGIP), obligations of the United States Treasury and United States Government agencies and instrumentalities, certain high-grade commercial paper and corporate bonds. This policy is in accordance with ORS 294.035 which specifies the types of investments authorized for municipal corporations. -20- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Notes to Financial Statements June 30, 2023 Note 1 - Principal Business Activity and Significant Accounting Policies (Continued) State statutes authorize the County to invest in obligations of the U.S. Treasury, commercial paper, corporate bonds, municipal bonds, banker’s acceptances, repurchase agreements, and the State Treasurer’s Local Government Investment Pool (LGIP). Investments for the County, as well as for its component units, are reported at fair value. The LGIP operates in accordance with appropriate state laws and regulations. Information about the pooled cash and investments is included in the County’s annual comprehensive financial report and may be obtained by contacting the Deschutes County Finance Department, 1300 NW Wall Street, Suite 200, Bend, Oregon, 97703. Capital Assets Capital assets, which include equipment and building, are reported in the government-wide financial statements. In the governmental fund statements, capital assets are charged to expenditures as purchased. Capital assets are recorded at historical cost. Donated assets are recorded at acquisition value as of the date of the donation. Capital assets are defined by the District as assets with an initial cost of $5,000 or more and an estimated actual life of more than one year. Additions or improvements and other capital outlays that significantly extend the useful life of an asset, or that significantly increase the capacity of an asset, are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. Major outlays for capital assets and improvements are capitalized as projects are constructed. Depreciation on exhaustible assets is recorded as an allocated expense in the Statement of Activities with accumulated depreciation reflected in the Statement of Net Position and is calculated on the straight-line basis over the following estimated useful lives: Assets Years Building and improvements 10-50 years Equipment 10 years Property Taxes/Unavailable Revenue Property taxes are assessed on a July 1 - June 30 fiscal year basis. The taxes are levied as of July 1 based on assessed values as of January 1. Property tax payments are due in three equal installments, on November 15, February 15 and May 15. A discount of 3% is available if taxes are paid in full by November 15 and a discount of 2% on the unpaid balance is available if taxes are paid in full by February 15. Property taxes attach as an enforceable lien July 1 and are considered delinquent if not paid by the following May 15. Deschutes County is the tax collection agent for the District. The District's 2023 fiscal year tax levy was $676,371. -21- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Notes to Financial Statements June 30, 2023 Note 1 - Principal Business Activity and Significant Accounting Policies (Continued) Tax revenue is considered available for expenditure upon receipt by the County, which serves as the intermediary collecting agency. Uncollected property taxes are shown on the General Fund balance sheet as receivables. Collections within 60 days subsequent to year-end have been recognized as revenue and the remaining taxes receivable are recorded as unavailable revenue on the modified accrual basis of accounting since they are not deemed available to finance operations of the current period. Net Position Net position represents the difference between assets and liabilities. The District reports the following subcategories of net position:  Net investment in capital assets represents the difference between capital assets less accumulated depreciation, and the amounts owed to primary government for capital asset financing.  Unrestricted represents all other net positions that are not restricted and do not meet the definition of net investment in capital assets. Fund Balance Reporting The Governmental Accounting Standards Board Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions (GASB 54), defines the different types of fund balances that a governmental entity must use for financial reporting purposes. GASB 54 requires the fund balance amounts to be properly reported within one of the fund balance categories listed below:  Nonspendable, such as fund balance associated with inventories, prepaids, long-term loans and notes receivable, and property held for resale (unless the proceeds are restricted, committed or assigned).  Restricted fund balance category includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers or through enabling legislation.  Committed fund balance classification includes amounts that can be used only for the specific purposes determined by a formal action of the District's governing board (the Districts’ highest level of decision-making authority). Once adopted, the limitation imposed by the ordinance remains in place until a similar action is taken (the adoption of another ordinance) to remove or revise the limitation.  Assigned fund balance classification is intended to be used by the government for specific purposes but do not meet the criteria to be classified as restricted or committed. Assignments are made by the County Administrator based on the County Commissioner’s direction.  Unassigned fund balance is the residual classification for the District’s general fund and includes all spendable amounts not contained in the other classifications. -22- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Notes to Financial Statements June 30, 2023 Note 1 - Principal Business Activity and Significant Accounting Policies (Continued) The District reduces restricted amounts first when expenditures are incurred for purposes for which both restricted and unrestricted (committed, assigned or unassigned) amounts are available. The District reduces committed amounts first, followed by assigned amounts and then unassigned amounts when expenditures are incurred for the purpose for which amounts in any of those unrestricted fund balance classifications could be used. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that effect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates. Note 2 - Cash and Investments As of June 30, 2023, the District had a deposit of $467,066 with the Deschutes County Treasurer. All of the District's deposits were adequately insured or collateralized by securities held by the pledging financial institution in the financial institution’s name during the year. Note 3 - Capital Assets Capital asset activity for the fiscal year ended June 30, 2023, is as follows: Depreciation expense of $41,922 was charged to the general services expense. Balance Balance June 30, 2022 Increases Decreases June 30, 2023 Capital assets being depreciated Building 2,157,118$ -$ -$ 2,157,118$ Equipment 11,370 - - 11,370 Total 2,168,488 - - 2,168,488 Less accumulated depreciation Building (318,663) (39,648) - (358,311) Equipment (5,685) (2,274) - (7,959) Total (324,348) (41,922) - (366,270) 1,844,140$ (41,922)$ -$ 1,802,218$ -23- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Notes to Financial Statements June 30, 2023 Note 4 - Amounts Owed to Primary Government As of June 30, 2023, the principal balance on an advance payable to the primary government is $702,546. The terms provide for a 20 year repayment period, at 1.85%. Accrued interest owed to the primary government as of June 30, 2023 was $8,617. Note 5 - Tax Abatement As of June 30, 2023, five property tax abatement programs are administered as authorized by Oregon Revised Statutes: Nonprofit Low-Income Rental Housing (307.541) The Nonprofit Low-Income Rental Housing program is to encourage nonprofit organizations to help fill the need for low-income housing. The property must currently be in use as housing or may be land being held for that purpose. Qualifying nonprofit corporations must be exempt from federal income tax [Section 501(c)(3) or (4) of the Internal Revenue Code] and upon liquidation distribute remaining assets to other tax- exempt charitable organizations or the state of Oregon. When applying for the exemption, the nonprofit corporation must certify that the income level of each renter is at or below 60 percent of area median income which is determined by the State Housing Stability Council based on information from the U.S. Department of Housing and Urban Development. HB 3082 in 2015 amended the law to allow alternative definitions of low- income, up to 80 percent of area median income, for the purpose of renewing an existing application. Principal Interest Total Fiscal Year 2024 47,278$ 12,997$ 60,275$ 2025 48,119 12,156 60,275 2026 49,043 11,232 60,275 2027 49,950 10,325 60,275 2028 50,874 9,401 60,275 2029-2033 268,804 32,571 301,375 2034-2037 188,478 7,567 196,045 Total 702,546$ 96,249$ 798,795$ -24- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Notes to Financial Statements June 30, 2023 Note 5 - Tax Abatement (Continued) Property for Low-income Rental (307.517) The intent of the Property for Low-income Rental program is to assist in providing housing equity throughout the state and reduce homelessness. Newly constructed rental housing occupied by low-income persons or property held for a reasonably short period of time for future development as low-income rental housing is exempt from property taxes for 20 years if the property is:  Located in a city or county that adopts standards and guidelines to be used in administering applications for exemption.  Built after the city or county adopts the state statutes.  Approved by the city or county upon application.  For projects requesting an exemption after October 5, 2015, any additional criteria established by the city or county prior to the application.  Rented only to persons with income at or below 60 percent of area median income based on U.S. Department of Housing and Urban Development criteria.  Rented at rates that reflect the full property tax reduction. Legislation in 2015 (HB 2130) amended the law to allow cities or counties to establish reasonable maximum holding times for land designated for low-income housing development. The legislation also permitted cities or counties to elect additional qualifying criteria before granting the exemption. Legislation in 2019 (HB 2130) extended the sunset to June 30, 2029. Enterprise Zone Businesses (285C.175) The purpose of the Enterprise Zone Business program is to stimulate and protect economic success by providing tax incentives for employment, business, industry and commerce and by providing adequate levels of complementary assistance to community strategies for such interrelated goals as environmental protection, growth management and efficient infrastructure. Qualified real and personal property owned or leased and newly placed into service by a qualified business firm in an enterprise zone is exempt from property tax for three to five consecutive years. A new or expanding business can qualify if the business meets all of the conditions outlined in ORS 285C.135 and 285C.200, such as applying locally for authorization prior to construction, engaging in eligible business operations, entering into a “first source” hiring agreement with local publicly funded job training providers, and increasing the number of jobs in the enterprise zone by the greater of one additional job or 10 percent. To be exempt, the property owned or leased by the business must satisfy applicable timing, location, minimum cost, and other requirements described in ORS 285C.180. Property is disqualified if used for an ineligible activity, such as retail operations, or if the business firm substantially curtails operations or closes during the exemption period. When property becomes disqualified, previously exempt taxes must be repaid. -25- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Notes to Financial Statements June 30, 2023 Note 5 - Tax Abatement (Continued) Construction in Process in an Enterprise Zone (285C.170) The purpose of the Construction in Process in an Enterprise Zone program is to stimulate and protect economic success by providing tax incentives for employment, business, industry, and commerce and by providing adequate levels of complementary assistance to community strategies for such interrelated goals as environmental protection, growth management and efficient infrastructure (ORS 285C.055). Property undergoing construction, addition, modification, or installation is exempt from property taxation for up to two consecutive years provided that the property satisfies all the program requirements. This exemption is effectively an extension of expenditure 2.011, Commercial Buildings Under Construction, specifically to properties that are expected to qualify for a standard enterprise zone exemption when they are completed. If a property is exempt under both 2.011 and this expenditure, the combined duration of the exemptions cannot exceed two consecutive years. Solar Projects (2015 laws c. 571) The intent of the Solar Projects program is to provide tax relief and tax stability to utility scale solar production property owners and developers, which subsequently encourages the development of utility scale solar production (Note 3 following ORS 307.175). Property constituting a solar project located in an unincorporated county area is exempt from property taxes when an agreement has been made between the governing body of the county and the owner of the solar project. The agreement is limited to 20 consecutive years. The last day an agreement could be made was January 1, 2022. Tax Abatement For the fiscal year ended June 30, 2023, the District’s property tax revenues were abated by an estimated $3,725 under the following programs: For the fiscal year ended June 30, 2023, the District’s property tax revenues were not impacted by tax abatement programs administered by other governments. Tax Abatement Program Taxes Abated Fiscal Year Ended June 30, 2023 Nonprofit Low-Income Rental Housing 373$ Property for Low-income Rental 405 Enterprise Zone Businesses 2,716 Construction in Process in an Enterprise Zone 26 Solar Projects 205 Total property tax abated 3,725$ -26- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Notes to Financial Statements June 30, 2023 Note 6 - Risk Management The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees and others; and natural disasters for which the District participates in Deschutes County's self-insurance program. There have been no settlements in excess of insurance coverage and reserves in the past three fiscal years. -27- Required Supplementary Information For the Fiscal Year Ended June 30, 2023 Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon -28- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual – General Fund For the Fiscal Year Ended June 30, 2023 Actual Variance with Original Final Amounts Final Budget REVENUES Investment earnings 2,671$ 2,671$ 9,067$ 6,396$ Taxes - property 653,684 653,684 659,447 5,763 Total revenues 656,355 656,355 668,514 12,159 EXPENDITURES Current: General services 681,758 681,758 634,854 46,904 Not allocated to organizational units: Contingency 272,559 272,559 - 272,559 Debt service 60,276 60,276 60,275 1 Total expenditures 1,014,593 1,014,593 695,129 319,464 Net change in fund balances (358,238) (358,238) (26,615) 331,623 Fund balances, budget basis - beginning of year 358,238 358,238 402,627 44,389 Fund balances, budget basis - end of year -$ -$ 376,012 376,012$ Unrealized loss on investments (15,294) Fund balances, GAAP basis - end of year 360,718$ Budgeted Amounts -29- Other Supplementary Information For the Fiscal Year Ended June 30, 2023 Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon -30- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Schedule of Property Tax Transactions For the Fiscal Year Ended June 30, 2023 Beginning Taxes Balance and Interest Receivable Tax Year 2022-23 Levy Adjustments (Discounts)Collections June 30, 2023 2022-2023 676,371$ (556)$ (17,697)$ 651,984$ 6,134$ 2021-2022 5,599 (295) 124 2,935 2,493 2020-2021 2,128 (13) 113 958 1,270 2019-2020 1,209 (7) 155 919 438 2018-2019 348 (22) 57 277 106 2017-2018 119 (22) 16 56 57 2016-2017 51 (1) 8 24 34 2015-2016 (39) (1) 3 8 (45) 2014-2015 37 (1) 1 4 33 Prior 140 - 3 9 134 Totals $ 685,963 $ (918) $ (17,217) 657,174 $ 10,654 Adjustments for accruals June 30, 2022 (881) June 30, 2023 939 Other tax distribution 2,215 Modified accrual basis tax revenue 659,447$ -31- Report of Independent Auditors on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Deschutes County Commissioners Deschutes County Extension and 4-H County Service District (A Component Unit of Deschutes County, Oregon) Bend, Oregon We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and the major fund of the Deschutes County Extension and 4-H County Service District (the District), a component unit of Deschutes County, Oregon, as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our report thereon dated November 30, 2023. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the District's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. -32- Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Eugene, Oregon November 30, 2023 -33- Deschutes County Extension and 4-H County Service District A Component Unit of Deschutes County, Oregon Audit Comments and Disclosures Required by State Regulations June 30, 2023 Audit Comments and Disclosures Required by State Regulations Oregon Administrative Rules 162-010-0000 through 162-010-0320 of the Minimum Standards for Audits of Oregon Municipal Corporations, prescribed by the Secretary of State in cooperation with the Oregon State Board of Accountancy, enumerate the financial statements, schedules, comments, and disclosures required in audit reports. The required statements and schedules are set forth in the preceding sections of this report. Required comments and disclosures related to the audit of such statements and schedules are set forth in the following pages. -34- Report of Independent Auditors Required by Oregon State Regulations Deschutes County Commissioners Deschutes County Extension and 4-H County Service District (A Component Unit of Deschutes County, Oregon) Bend, Oregon We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States the financial statements of the governmental activities and the major fund of Deschutes County Extension and 4-H County Service District (the District), a component unit of Deschutes County, Oregon, as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our report thereon dated November 30, 2023. Compliance As part of obtaining reasonable assurance about whether the District’s basic financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, including provisions of Oregon Revised Statutes (ORS) as specified in Oregon Administrative Rules (OAR) 162-010-0000 to 162-010-0330, of the Minimum Standards for Audits of Oregon Municipal Corporations, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. We performed procedures to the extent we considered necessary to address the required comments and disclosures which included, but were not limited to, the following:  Accounting records and internal control  Public fund deposits  Budget  Insurance and fidelity bonds  Investments In connection with our testing, nothing came to our attention that caused us to believe the District was not in substantial compliance with certain provisions of laws, regulations, contracts, and grant agreements, including the provisions of ORS as specified in OAR 162-010-0000 through 162-010-0330 of the Minimum Standards for Audits of Oregon Municipal Corporations. -35- Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. Accordingly, this communication is not suitable for any other purpose. This report is intended solely for the information and use of the County Commissioners and management of the District and the Oregon Secretary of State and is not intended to be and should not be used by anyone other than these parties. Amanda McCleary-Moore, Partner For Moss Adams LLP Eugene, Oregon November 30, 2023 -36-